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NY A02095
Bill
Status
1/23/2023
Primary Sponsor
Demond Meeks
Click for details
AI Summary
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Amends New York Insurance Law Section 3420 to require liability insurers to cover verdicts exceeding policy limits if the insurer refused a settlement offer made at or within those limits.
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Eliminates caps and policy limitations on insurer liability when an insurer rejects a settlement offer at or within policy limits and a judgment exceeds the policy limits.
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Prohibits insurers from seeking recovery or damages against the insured for judgments rendered against the insurer or insured in these circumstances.
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Takes effect immediately upon enactment.
Legislative Description
Requires a liability insurer that has an opportunity to settle a claim at or within the policy limits, and refuses to do so, to be liable for any verdict in excess of the insurance policy limits; prohibits the insurer from recovering such excess judgment from the insured.
Last Action
referred to insurance
1/3/2024